Keep throwing money down a hole or sell it?

[uvachief]

I've got about $20,000 into a 1986 944 na. Yeah that is crazy but that is true. I haven't spent the money wisely. Some good work some bad. Some of it my own. Engine rebuit, car runs well but it has some pressing issues to take care of in the near future. Brakes are soft and the brake master cylinder is the original. Entire braking system needs to be thorough refurbished. Suspension in good shape but it needs a bushing going through as well as new shocks. HVAC is not working. Needs new compressor, condenser, etc. Dash is still cracked so I have never gotten to the interior which is good for its age but looking a bit tired. So, I've got about $10,000 in projects to do. That would put me at $30,000 and it might be pretty darn near to showroom condition. It is still a $8,000 car even after doing all that. Maybe $10,000. I've got a couple of buyers interested in taking her off my hands and doing the remaining work themselves. So, what do you recommend?

1. Keep it and restore it one project at a time which may take me 4 more years
2. Sell it
3. Dip into the 401k and fix it now to enjoy trouble free for the next 4 years

What say the Pelicans?

[Ky914Newbie]

How much cash are they offering you now? Are you asking what will minimize your loss assuming a future sale? When do you plan to sell it if not now?

Regardless - don't dip into the 401k to invest in your 944 if there are any penalties involved.

[Gawernator]

Why sell it at all? If you have this much invested, you only lose that investment by selling it. The car looks gorgeous and obviously you have done a lot. Just keep working at it

[Chunkerz]

Originally Posted by Gawernator

Why sell it at all? If you have this much invested, you only lose that investment by selling it. The car looks gorgeous and obviously you have done a lot. Just keep working at it

+1

There were times when I thought about throwing in the towel, but I just kept telling myself "I've come this far. Why quit now?" Just think about how rewarding it'll be once you get it all back together.

[flash968]

don't feel so bad. to put things in perspective, i have over $160k into my blue 968.

you have to decide if it can ever be the car you really want. for me, i looked at the car as nothing more than a platform. it took that much to develop the car into what i wanted. but, i knew it could get there.

if your car can never get to where you want it, then obviously you should sell it and get something that can be what you want. if it can be what you want, then you need to decide how much you are willing to spend to get it there, and keep it there.

[Chunkerz]

Originally Posted by flash968

i have over $160k into my blue 968.

Holy cow!!!

[968 GUY]

how is that put in perspective, or even smart for that matter?

[uvachief]

Yeah I don't want to say I have $160k in anything other than the stock market! I love the car. My wife hates it of course. I have 3 small kids and little or no time to work on it except between 10:00 p.m. and midnight. Can't get a lot done in 2 hours without a lift and a big garage. So, I end up paying people to work on it. Mechanics are like crazy strippers (not that I know - its what I have heard). They tell you all the other mechanic's suck and do terrible work. They get insanely protective of their own work and act like you cheated on them when you take a car to a different shop for different work or a second opinion. I've got enough drama with a wife and 3 kids. I don't need drama with my mechanics. However, that is also the problem. I've had too many hands on the car. I need to settle on someone and stick with them through thick and thin. I like to work on it but much of it is over my head (see my gazzilion posts). I gets plenty of looks at Cars and Coffee and people regularly stop me at the gas station and ask questions. I like that. However, to keep peace at home, it might be best to find her a better home to have more cash wasted on her than I can. I could also use the sales proceeds to roll into a money pit convertible for my wife. I am about to throw it on a trailer and ship it to Rasta's house and tell him to send me a bill and let me know when it is ready.

[CHICKS]

I would sell it. If you're thinking about it, and having to make post like this then you're done emotionally with it. Time to let it go and move on buddy.

My car pisses me off regularly, but I still like it, and its still fun for me. When I start thinking like you, I'll dump it, and find something else I like.

[PorscheChef]

401k??? I don't plan to retire. Who wants to work all their lives then be too old to enjoy what little money you've been able to put away. Let's face it... I figure I'll probably die in one of my cars. I have life insurance for the family after I'm gone. Spend the money now and enjoy yourself. I'd rather die pennyless and have really enjoyed living! But then again...what do I know.

[ibtisam.jawad]

If you don't mind me asking, how did you spend $20k on an NA and not have new suspension, clutch, belts, rollers, water pump, front and back engine re-seal, refurbished brakes and such. You can buy a rebuilt engine from some well known vendors for 5-7k or have yours rebuilt for cheaper. Or you could pay $20k to have an LS1 installed in your NA.

Did you get all the work done at a shop?

[VINMAN]

Originally Posted by 968 GUY

how is that put in perspective, or even smart for that matter?

Cant disagree with that.

First thing I have to say is dont touch your 401k. to fix up a car. Youre saving that money for a reason.

As far as the car is concerned. These cars are a dime dozen. Plenty of nice ones out there for what you are anticipating spending or have spent already.

Like someone else said, if you are thinking about the ties are cut. Move on.

[flash968]

it should be simple to see how that puts things in perspective. $20k is nothing. i spend that much on wine most years.

as for smart, it all depends on how you look at it. i could have bought a 360, which is what i almost got instead, and really have been spending money. there are a lot of cars that i could have spent more on, but i would not have what i have now.

instead i have a 3000lb 350+hp dependable car that outhandles pretty much anything i can find (outcorners most anything too). it has all the creature comforts, and on top of that, it's fairly rare as a model, and is the only car in the world like it.

it is also the only convertible that i can think of that is a 2 seater with AC, power steering, power brakes, all the bells and whistles, and can carry 2 full sets of golf clubs, a weekend of luggage, 2 cases of wine, and the wife. this allowed me to have my toy to play with, and keep the wife happy at the same time.

i think it was very smart.

[Mudd]

When you get everything on this car fixed would you pay $30,000 for it if someone else was trying to sell it to you. If not sell it for $8,000, buy a decent turbo, and put $10,000 in it to have a great $18,000 turbo car.

[jcommin]

Don't use 401K money - very costly to use esp if you are younger than 59 1/2.

Drive the car. I spent allot of money on my 83 several years ago. I have stone chips, a couple of dents - it is a driver. Have fun with it.

[Gawernator]

Originally Posted by flash968

it should be simple to see how that puts things in perspective. $20k is nothing. i spend that much on wine most years.

as for smart, it all depends on how you look at it. i could have bought a 360, which is what i almost got instead, and really have been spending money. there are a lot of cars that i could have spent more on, but i would not have what i have now.

instead i have a 3000lb 350+hp dependable car that outhandles pretty much anything i can find (outcorners most anything too). it has all the creature comforts, and on top of that, it's fairly rare as a model, and is the only car in the world like it.

it is also the only convertible that i can think of that is a 2 seater with AC, power steering, power brakes, all the bells and whistles, and can carry 2 full sets of golf clubs, a weekend of luggage, 2 cases of wine, and the wife. this allowed me to have my toy to play with, and keep the wife happy at the same time.

i think it was very smart.

Don't forget C.A.R.B. lol

[flash968]

lol - true enough. i forgot to mention it was all 50 states smog legal

[speedracing944]

You don't have it as an option, but I say just drive the darn thing. See if you can get 30,000 miles on it before winter comes. Take it on a drive cross country and tour some of the best driving roads around. Heck, take it to the Tail of the Dragon and have fun.

Speedy

[pfarah]

Like Jcommin, my 84 has a few small dings and stone chips in front, and she acts up once in a while but... I've been enthusiastically driving her almost every day for the past couple of months and she still looks great from 10 feet! Most cars are poor investments, at best, so the decision whether to keep going can be difficult. I think the real shame is your lack of time to spend on her as they are quite fun to work on (most of the time). If your wife hates it (as stated above), then it probably doesn't matter. You're likely doomed if you keep it. Sorry man, just my humble opinion. I've just celebrated my 17th anniversary this past weekend and one thing I know, if she ain't happy, you ain't happy. Good luck in your decision making process and may the Porsche gods smile upon you.

[Gawernator]

Your wife may leave you but your car never will..... remember that. (Just kidding)